Smart Lock Market Demand To Reach 41.9 Million Units By 2028

 Smart Lock Industry Overview

The global smart lock market demand is expected to reach 41.9 million units by 2028, registering a CAGR of 21.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. Rising awareness among consumers regarding the benefits and convenience offered by smart home security solutions and surging adoption of connected devices are primarily driving the industry growth. Besides, the hospitality sector has witnessed a large-scale deployment of smart locks with leading companies and stay aggregators increasingly relying on them to ensure security and accessibility to both customers and owners.

 

The rising global smartphone penetration has further opened new growth prospects for industry participants due to their continuous efforts to launch apps to manage the locking/unlocking procedures. Furthermore, prominent market players are incorporating various innovative techniques, such as Wi-Fi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices, in their smart lock models. Touch panels are also being incorporated to facilitate the entry of passwords or pattern-based locking/unlocking.

 

Smart Lock Market Segmentation

Grand View Research has segmented the global smart lock market based on type, application, and region:

Based on the Type Insights, the market is segmented into Deadbolt, Lever Handles, Padlock, and Others.

• The deadbolt segment registered the highest revenue share of over 47% in 2020 and is expected to continue dominating the industry over the forecast period. The high revenue generation can be attributed to its rising deployment across the residential sector owing to numerous benefits such as ease of use as well as a durable locking mechanism.
• Lever handles are expected to expand at the fastest CAGR of over 23.0% during the forecast period owing to substantial growth in the construction sector. Modernization activities across the hospitality sector to fulfill the security requirements of tourists are also expected to foster the growth of the segment.
• The padlock segment is also expected to expand at a considerable CAGR in the forthcoming years due to benefits such as high-end security along with user activity management, convenience, and smartphone compatibility, which has resulted in its widespread use worldwide.

 

Based on the Application Insights, the market is segmented into Residential, Hospitality, Enterprise, Critical Infrastructure, and Others.

• The residential segment dominated the smart lock market in 2020, capturing over 65% of the revenue share. It is expected to retain its dominance over the next seven years. Its high revenue generation can primarily be attributed to the rising global smart home penetration as well as an increasing number of new and renovation projects across the sector over the past few years.
• The hospitality segment is expected to expand at the fastest CAGR of over 25% from 2021 to 2028. The industry has been aggressively deploying smart locks to address customers' growing security concerns during their stays. The need to increase in-room security measures at hotels is presumed to bolster the adoption of these keyless access devices in the future as well.

 

Smart Lock Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The industry is undergoing rapid transformation and moving toward consolidation over the past few years, with leading companies constantly striving to capture a dominating market share. Numerous companies are taking up initiatives such as partnerships, acquisitions, and R&D investments to differentiate their portfolio from their competitors and strengthen their market presence.

IoT implementation to develop touchless lock technologies has gained immense traction during the ongoing pandemic, as a result of which prominent companies are introducing solutions that involve minimal human contact. In March 2020, Kwikset launched its expanded line of products featuring the Microban SilverShield technology, which helps to mitigate the bacterial growth on door hardware. The company is also focusing on expanding its partnership with Microban for introducing keyless entry and advanced smart locks by the end of 2021.

Some of the prominent players operating in the global smart lock market are:

• Yale
• Schlage
• August Home
• Kwikset
• Goji
• SDS Smart Locks
• Mul-T-Lock
• UniKey Technologies Inc.

 

Order a free sample PDF of the Smart Lock Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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Grand View Research, Inc.

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